B-PSYCHE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 16 filings
Turnover
≈ €490,000
Estimated: probably between €330,000 and €760,000
Total assets
€763,199▼ 5.9%
2024 · €810,886
Net result
€110,910▲ 83.9%
2024 · €60,301
Working capital
€189,378▲ 88.5%
2024 · €100,470
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€166,187
▲ 78.2%
2025
20182025
Net result
€110,910
▲ 83.9%
2025
20182025
Equity
€415,066
▲ 9.5%
2025
20182025
Total assets
€763,199
▼ 5.9%
2025
20182025
Debt
€348,133
▼ 19.4%
2025
20182025
Working capital
€189,378
▲ 88.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€98,788-€117,669▲ 19.1%€71,308▼ 39.4%€81,657▲ 14.5%€118,262▲ 44.8%€91,762▼ 22.4%€93,246▲ 1.6%€166,187▲ 78.2%
Net result€61,934-€74,947▲ 21.0%€42,542▼ 43.2%€50,972▲ 19.8%€78,609▲ 54.2%€59,333▼ 24.5%€60,301▲ 1.6%€110,910▲ 83.9%
Equity€243,051-€317,997▲ 30.8%€327,181▲ 2.9%€333,629▲ 2.0%€387,222▲ 16.1%€379,936▼ 1.9%€379,103▼ 0.2%€415,066▲ 9.5%
Total assets€872,842-€886,998▲ 1.6%€869,497▼ 2.0%€811,969▼ 6.6%€856,584▲ 5.5%€862,533▲ 0.7%€810,886▼ 6.0%€763,199▼ 5.9%
Debt€629,791-€569,000▼ 9.7%€542,316▼ 4.7%€478,340▼ 11.8%€469,361▼ 1.9%€482,597▲ 2.8%€431,783▼ 10.5%€348,133▼ 19.4%
Working capital€133,145-€173,263▲ 30.1%€165,902▼ 4.2%€154,781▼ 6.7%€122,644▼ 20.8%€107,223▼ 12.6%€100,470▼ 6.3%€189,378▲ 88.5%
The operating result for 2025 is 78% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €763,199
Fixed assets
€498,085 ▼ 15.8%
Current assets
€265,114 ▲ 21.1%
Equity and liabilities €763,199
Equity
€415,066 ▲ 9.5%
Debt
€348,133 ▼ 19.4%
Debt's share of the balance-sheet total falls from 53.2% to 45.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€196,293▲
2024 · €129,782
Cash flow
€141,016▲
2024 · €96,836
Current ratio
3.50▲
2024 · 1.85
Debt to equity
0.84▼
2024 · 1.14
ROE
26.7%▲
2024 · 15.9%
ROA
14.5%▲
2024 · 7.4%
Interest coverage
22.06▲
2024 · 13.19
Debt ≤ 1 year
€75,736▼
2024 · €118,541
Debt > 1 year
€272,397▼
2024 · €313,242
Income taxes
€47,157▲
2024 · €23,588
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,706 | €72,977 | €6,043 | €739 | €11,104 |
| Depreciation and write-downs of the year | €24,528 | €27,742 | €36,592 | €36,535 | €30,106 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €875 | €10,000 | - | €4,756 | €2,354 | ▼ 50.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,083 | €33,784 | €25,033 | €24,528 | €27,742 | €36,592 | €36,535 | €30,106 | ▼ 17.6% |
| Other operating charges640/8 | - | - | - | €1,220 | €1,185 | €504 | €1,093 | €1,127 | ▲ 3.2% |
| Gross operating margin9900 | €146,027 | €152,561 | €97,453 | €107,405 | €147,189 | €128,859 | €130,874 | €197,420 | ▲ 50.8% |
| Operating profit (loss)9901 | €98,788 | €117,669 | €71,308 | €81,657 | €118,262 | €91,762 | €93,246 | €166,187 | ▲ 78.2% |
| Financial income75/76B | - | - | - | €5 | €1 | - | €485 | €778 | ▲ 60.4% |
| Recurring financial income75 | €98 | €87 | €46 | €5 | €1 | - | €485 | €778 | ▲ 60.4% |
| Financial charges65/66B | - | - | - | €10,904 | €10,082 | €9,614 | €9,842 | €8,897 | ▼ 9.6% |
| Recurring financial charges65 | €13,184 | €13,075 | €12,123 | €10,904 | €10,082 | €9,614 | €9,842 | €8,897 | ▼ 9.6% |
| Profit (loss) for the period before taxes9903 | €85,702 | €104,681 | €59,232 | €70,758 | €108,181 | €82,148 | €83,889 | €158,067 | ▲ 88.4% |
| Income taxes67/77 | €23,768 | €29,735 | €16,689 | €19,786 | €29,573 | €22,815 | €23,588 | €47,157 | ▲ 99.9% |
| Profit (loss) for the period9904 | €61,934 | €74,947 | €42,542 | €50,972 | €78,609 | €59,333 | €60,301 | €110,910 | ▲ 83.9% |
| Profit (loss) for the period to be appropriated9905 | €61,934 | €74,947 | €42,542 | €50,972 | €78,609 | €59,333 | €60,301 | €110,910 | ▲ 83.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €872,842 | €886,998 | €869,497 | €811,969 | €856,584 | €862,533 | €810,886 | €763,199 | ▼ 5.9% |
| Fixed assets21/28 | €672,261 | €659,552 | €635,807 | €612,985 | €658,219 | €627,671 | €591,875 | €498,085 | ▼ 15.8% |
| Tangible fixed assets22/27 | €672,201 | €659,492 | €635,807 | €612,985 | €658,219 | €627,671 | €591,875 | €498,085 | ▼ 15.8% |
| Land and buildings22 | - | - | - | €609,741 | €588,936 | €573,289 | €552,008 | €468,107 | ▼ 15.2% |
| Plant, machinery and equipment23 | - | - | - | €1,367 | €2,498 | €1,118 | €908 | €1,982 | ▲ 118% |
| Furniture and vehicles24 | - | - | - | €1,877 | €66,785 | €53,264 | €38,960 | €27,996 | ▼ 28.1% |
| Financial fixed assets28 | €60 | €60 | - | - | - | - | - | - | - |
| Current assets29/58 | €200,581 | €227,446 | €233,690 | €198,984 | €198,364 | €234,862 | €219,011 | €265,114 | ▲ 21.1% |
| Amounts receivable within one year40/41 | €66,382 | €74,096 | €57,772 | €60,357 | €55,706 | €58,493 | €45,397 | €79,949 | ▲ 76.1% |
| Trade receivables40 | - | - | - | €51,817 | €55,491 | €58,493 | €45,397 | €79,949 | ▲ 76.1% |
| Other amounts receivable41 | - | - | - | €8,540 | €215 | - | - | - | - |
| Cash at bank and in hand54/58 | €131,645 | €151,693 | €175,116 | €137,833 | €141,706 | €175,348 | €172,957 | €183,827 | ▲ 6.3% |
| Deferred charges and accrued income490/1 | - | - | - | €795 | €952 | €1,021 | €657 | €1,338 | ▲ 104% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €872,842 | €886,998 | €869,497 | €811,969 | €856,584 | €862,533 | €810,886 | €763,199 | ▼ 5.9% |
| Equity10/15 | €243,051 | €317,997 | €327,181 | €333,629 | €387,222 | €379,936 | €379,103 | €415,066 | ▲ 9.5% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €230,651 | €305,597 | €314,781 | €321,229 | €374,822 | €367,536 | €366,703 | €402,666 | ▲ 9.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €319,369 | €372,962 | €367,536 | €366,703 | €402,666 | ▲ 9.8% |
| Amounts payable17/49 | €629,791 | €569,000 | €542,316 | €478,340 | €469,361 | €482,597 | €431,783 | €348,133 | ▼ 19.4% |
| Amounts payable after more than one year17 | €561,202 | €514,818 | €474,529 | €434,137 | €393,641 | €353,708 | €313,242 | €272,397 | ▼ 13.0% |
| Financial debts170/4 | - | - | - | €434,137 | €393,641 | €353,708 | €313,242 | €272,397 | ▼ 13.0% |
| Amounts payable within one year42/48 | €67,436 | €54,182 | €67,787 | €44,203 | €75,720 | €127,639 | €118,541 | €75,736 | ▼ 36.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €40,392 | €40,496 | €40,096 | €40,466 | €40,845 | ▲ 0.9% |
| Trade debts44 | €2,737 | €1,805 | €846 | €1,009 | €1,290 | €1,727 | €3,921 | €2,737 | ▼ 30.2% |
| Suppliers440/4 | - | - | - | €1,009 | €1,290 | €1,727 | €3,921 | €2,737 | ▼ 30.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €9,573 | €2,815 | €3,555 | €30,485 | ▲ 758% |
| Taxes450/3 | - | - | - | - | €9,573 | €2,815 | €3,555 | €30,485 | ▲ 758% |
| Other amounts payable47/48 | - | - | - | €2,802 | €24,362 | €83,001 | €70,599 | €1,669 | ▼ 97.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,250 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,934 | €74,947 | €42,542 | €50,972 | €78,609 | €59,333 | €60,301 | €110,910 | ▲ 83.9% |
| + Depreciation and write-downs630 | €46,083 | €33,784 | €25,033 | €24,528 | €27,742 | €36,592 | €36,535 | €30,106 | ▼ 17.6% |
| Operating cash flow (approximation) | €108,017 | €108,731 | €67,575 | €75,500 | €106,351 | €95,925 | €96,836 | €141,016 | ▲ 45.6% |
| Investment in fixed assets (approximation) | - | -€21,075 | -€1,288 | -€1,706 | -€72,977 | -€6,043 | -€739 | €63,684 | - |
| Change in cash | - | €20,047 | €23,423 | -€37,283 | €3,873 | €33,642 | -€2,391 | €10,870 | - |
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, 17,811 companies had the same profile as B-PSYCHE has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of B-PSYCHE 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 17,811 companies, not a prediction for B-PSYCHE. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00328835 | |
| 31-12-2024 | micro format | 06-08-2025 | 2025-00362703 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00338037 | |
| 31-12-2022 | micro format | 30-09-2023 | 2023-00463333 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20443931 | |
| 31-12-2020 | micro format | 17-09-2021 | 2021-67500365 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-57800014 | |
| 31-12-2018 | micro format | 23-09-2019 | 2019-65300419 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-64200560 | |
| 31-12-2016 | micro format | 18-09-2017 | 2017-61200344 |