B-PACK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 15 filings
Turnover
≈ €120,000
Estimated: probably between €89,000 and €150,000
Total assets
€395,338▼ 11.5%
2024 · €446,572
Net result
€22,800▼ 75.0%
2024 · €91,049
Working capital
€262,784▲ 0.3%
2024 · €262,077
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,485
▼ 72.5%
2025
20182025
Net result
€22,800
▼ 75.0%
2025
middle half of the sector
20182025
Equity
€365,909
▲ 3.5%
2025
highest quarter of the sector
20182025
Total assets
€395,338
▼ 11.5%
2025
middle half of the sector
20182025
Debt
€29,429
▼ 68.4%
2025
20182025
Working capital
€262,784
▲ 0.3%
2025
highest quarter of the sector
20182025
Solvency
92.6%
▲ 13.4pp
2025
highest quarter of the sector
20182025
Current ratio
9.95
▲ 5.23
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.8%
▼ 14.6pp
2025
middle half of the sector
20182025
Staff (FTE)
0.4
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€70,876-€52,725▼ 25.6%€26,210▼ 50.3%€89,395▲ 241%€116,423▲ 30.2%€149,346▲ 28.3%€132,745▼ 11.1%€36,485▼ 72.5%
Net result€44,612-€34,441▼ 22.8%€13,925within the sector's middle half▼ 59.6%€62,710above the sector's middle half▲ 350%€74,035above the sector's middle half▲ 18.1%€101,391above the sector's middle half▲ 37.0%€91,049above the sector's middle half▼ 10.2%€22,800within the sector's middle half▼ 75.0%
Equity€107,845-€118,286▲ 9.7%€132,211within the sector's middle half▲ 11.8%€194,921within the sector's middle half▲ 47.4%€222,564within the sector's middle half▲ 14.2%€307,114above the sector's middle half▲ 38.0%€353,550above the sector's middle half▲ 15.1%€365,909above the sector's middle half▲ 3.5%
Total assets€298,599-€294,856▼ 1.3%€260,803within the sector's middle half▼ 11.5%€306,804within the sector's middle half▲ 17.6%€336,798within the sector's middle half▲ 9.8%€387,549within the sector's middle half▲ 15.1%€446,572within the sector's middle half▲ 15.2%€395,338within the sector's middle half▼ 11.5%
Debt€190,754-€176,570▼ 7.4%€128,593▼ 27.2%€111,884▼ 13.0%€114,235▲ 2.1%€80,435▼ 29.6%€93,022▲ 15.6%€29,429▼ 68.4%
Working capital€84,059-€56,099▼ 33.3%€67,932within the sector's middle half▲ 21.1%€125,566within the sector's middle half▲ 84.8%€149,674above the sector's middle half▲ 19.2%€225,480above the sector's middle half▲ 50.6%€262,077above the sector's middle half▲ 16.2%€262,784above the sector's middle half▲ 0.3%
Solvency36.1%-40.1%▲ 4.0pp50.7%within the sector's middle half▲ 10.6pp63.5%within the sector's middle half▲ 12.8pp66.1%within the sector's middle half▲ 2.5pp79.2%above the sector's middle half▲ 13.2pp79.2%within the sector's middle half▼ 0.1pp92.6%above the sector's middle half▲ 13.4pp
Current ratio3.03-2.11▼ 0.914.03within the sector's middle half▲ 1.925.85above the sector's middle half▲ 1.824.18within the sector's middle half▼ 1.677.11above the sector's middle half▲ 2.934.73above the sector's middle half▼ 2.389.95above the sector's middle half▲ 5.23
Return on assets (ROA)14.9%-11.7%▼ 3.3pp5.3%within the sector's middle half▼ 6.3pp20.4%within the sector's middle half▲ 15.1pp22.0%within the sector's middle half▲ 1.5pp26.2%within the sector's middle half▲ 4.2pp20.4%within the sector's middle half▼ 5.8pp5.8%within the sector's middle half▼ 14.6pp
Staff (FTE)0.4
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 73% lower than in 2024 and the lowest since 2021. It is the second fall 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 €395,338
Fixed assets
€103,199 ▼ 9.6%
Current assets
€292,139 ▼ 12.1%
Equity and liabilities €395,338
Equity
€365,909 ▲ 3.5%
Debt
€29,429 ▼ 68.4%
Debt's share of the balance-sheet total falls from 20.8% to 7.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,461▼
2024 · €143,740
Cash flow
€33,776▼
2024 · €102,044
Debt to equity
0.08▼
2024 · 0.26
ROE
6.2%▼
2024 · 25.8%
Interest coverage
17.79▼
2024 · 50.35
Debt ≤ 1 year
€29,355▼
2024 · €70,320
Income taxes
€11,017▼
2024 · €38,841
Staff costs
€8,345
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 79 |
| Left | 79 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,342 | €1,391 | €2,328 | - | - |
| Depreciation and write-downs of the year | €17,429 | €16,701 | €17,206 | €10,995 | €10,976 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €8,345 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,878 | €19,075 | €17,875 | €17,429 | €16,701 | €17,206 | €10,995 | €10,976 | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €1,591 | €5,714 | €1,910 | €1,984 | €2,050 | ▲ 3.3% |
| Gross operating margin9900 | €84,651 | €74,091 | €46,263 | €108,415 | €138,838 | €168,462 | €145,723 | €57,856 | ▼ 60.3% |
| Operating profit (loss)9901 | €70,876 | €52,725 | €26,210 | €89,395 | €116,423 | €149,346 | €132,745 | €36,485 | ▼ 72.5% |
| Financial income75/76B | - | - | - | €375 | €202 | €37 | - | - | - |
| Recurring financial income75 | - | €0 | - | €375 | €202 | €37 | - | - | - |
| Financial charges65/66B | - | - | - | €4,932 | €4,542 | €3,514 | €2,855 | €2,668 | ▼ 6.5% |
| Recurring financial charges65 | €7,899 | €6,485 | €5,183 | €4,932 | €4,542 | €3,514 | €2,855 | €2,668 | ▼ 6.5% |
| Profit (loss) for the period before taxes9903 | €62,977 | €46,239 | €21,027 | €84,838 | €112,083 | €145,870 | €129,890 | €33,817 | ▼ 74.0% |
| Income taxes67/77 | €18,365 | €11,798 | €7,102 | €22,129 | €38,049 | €44,479 | €38,841 | €11,017 | ▼ 71.6% |
| Profit (loss) for the period9904 | €44,612 | €34,441 | €13,925 | €62,710 | €74,035 | €101,391 | €91,049 | €22,800 | ▼ 75.0% |
| Profit (loss) for the period to be appropriated9905 | €44,612 | €34,441 | €13,925 | €62,710 | €74,035 | €101,391 | €91,049 | €22,800 | ▼ 75.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €298,599 | €294,856 | €260,803 | €306,804 | €336,798 | €387,549 | €446,572 | €395,338 | ▼ 11.5% |
| Fixed assets21/28 | €173,038 | €188,320 | €170,445 | €155,359 | €140,048 | €125,170 | €114,175 | €103,199 | ▼ 9.6% |
| Tangible fixed assets22/27 | €173,038 | €188,320 | €170,445 | €155,359 | €140,048 | €125,170 | €114,175 | €103,199 | ▼ 9.6% |
| Land and buildings22 | - | - | - | €141,409 | €131,347 | €123,552 | €113,257 | €102,962 | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €13,950 | €8,702 | €1,618 | €918 | €237 | ▼ 74.2% |
| Current assets29/58 | €125,561 | €106,536 | €90,358 | €151,446 | €196,750 | €262,378 | €332,397 | €292,139 | ▼ 12.1% |
| Amounts receivable within one year40/41 | €25,438 | €32,373 | €21,697 | €26,305 | €34,568 | €34,874 | €13,026 | €32,027 | ▲ 146% |
| Trade receivables40 | - | - | - | €13,554 | €34,568 | €34,874 | €13,026 | €11,502 | ▼ 11.7% |
| Other amounts receivable41 | - | - | - | €12,751 | - | - | - | €20,525 | - |
| Cash at bank and in hand54/58 | €94,996 | €69,560 | €65,389 | €121,550 | €158,597 | €224,071 | €314,202 | €256,400 | ▼ 18.4% |
| Deferred charges and accrued income490/1 | - | - | - | €3,591 | €3,584 | €3,433 | €5,169 | €3,713 | ▼ 28.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €298,599 | €294,856 | €260,803 | €306,804 | €336,798 | €387,549 | €446,572 | €395,338 | ▼ 11.5% |
| Equity10/15 | €107,845 | €118,286 | €132,211 | €194,921 | €222,564 | €307,114 | €353,550 | €365,909 | ▲ 3.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | - | - | - | - | - |
| Reserves13 | €95,445 | €105,886 | €119,811 | €182,521 | €222,564 | €307,114 | €353,550 | €365,909 | ▲ 3.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €180,661 | €222,564 | €307,114 | €353,550 | €365,909 | ▲ 3.5% |
| Amounts payable17/49 | €190,754 | €176,570 | €128,593 | €111,884 | €114,235 | €80,435 | €93,022 | €29,429 | ▼ 68.4% |
| Amounts payable after more than one year17 | €144,468 | €125,647 | €106,167 | €86,004 | €65,136 | €43,536 | €21,180 | - | - |
| Financial debts170/4 | - | - | - | €86,004 | €65,136 | €43,536 | €21,180 | - | - |
| Amounts payable within one year42/48 | €41,502 | €50,437 | €22,426 | €25,880 | €47,076 | €36,899 | €70,320 | €29,355 | ▼ 58.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,162 | €20,869 | €21,599 | €22,356 | €21,180 | ▼ 5.3% |
| Trade debts44 | €588 | €6,625 | - | €591 | €1,644 | €1,206 | - | €537 | - |
| Suppliers440/4 | - | - | - | €591 | €1,644 | €1,206 | - | €537 | - |
| Taxes, remuneration and social security45 | - | - | - | €5,126 | €16,913 | €7,142 | €10,238 | - | - |
| Taxes450/3 | - | - | - | €5,126 | €16,913 | €7,142 | €10,238 | - | - |
| Other amounts payable47/48 | - | - | - | - | €7,650 | €6,951 | €37,725 | €7,637 | ▼ 79.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,023 | - | €1,522 | €74 | ▼ 95.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,612 | €34,441 | €13,925 | €62,710 | €74,035 | €101,391 | €91,049 | €22,800 | ▼ 75.0% |
| + Depreciation and write-downs630 | €11,878 | €19,075 | €17,875 | €17,429 | €16,701 | €17,206 | €10,995 | €10,976 | ▼ 0.2% |
| Operating cash flow (approximation) | €56,490 | €53,516 | €31,800 | €80,139 | €90,736 | €118,596 | €102,044 | €33,776 | ▼ 66.9% |
| Investment in fixed assets (approximation) | - | -€34,357 | €0 | -€2,342 | -€1,391 | -€2,328 | €0 | €0 | - |
| Change in cash | - | -€25,436 | -€4,171 | €56,161 | €37,047 | €65,474 | €90,131 | -€57,802 | - |
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, 34,693 companies had the same profile as B-PACK has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of B-PACK 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 34,693 companies, not a prediction for B-PACK. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00136405 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00198399 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00312222 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00197110 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20126274 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46400455 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-39500186 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-33800127 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-28000589 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-40000063 |