B.S.D.
ActiveSummary
B.S.D. has been active since 1970 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €198k and a net result of €-71k. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 27% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability7▼-40
Solvency51▼-11
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days only on tighter terms
Liquidity tight (current ratio 1.06 against 1.15 in 2024; short-term debt: 72.8% and cash: 11.2% of total assets), and 74.3% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
30 d late
2022
31 d late
2021
30 d late
2020
30 d late
2019
73 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€198k▼ 26.4%
2024 · €269k
Total assets
€768k▲ 5.6%
2024 · €728k
Net result
€-71k
2024 · €9k
Working capital
€32k▼ 51.2%
2024 · €66k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€36k▲ 156%€132k▲ 261%€68k▼ 48.3%€33k▼ 50.9%€-49k
Net result€12k▲ 457%€93k▲ 655%€34k▼ 63.5%€9k▼ 74.8%€-71k
Equity€169k▲ 7.8%€263k▲ 54.9%€297k▲ 12.9%€269k▼ 9.5%€198k▼ 26.4%
Total assets€632k▼ 2.9%€964k▲ 52.5%€781k▼ 19.0%€728k▼ 6.8%€768k▲ 5.6%
Debt€463k▼ 6.3%€702k▲ 51.7%€484k▼ 31.0%€459k▼ 5.2%€570k▲ 24.3%
Working capital€42k▼ 25.8%€111k▲ 165%€123k▲ 10.7%€66k▼ 46.6%€32k▼ 51.2%
Staff (FTE)2▲ 100%2=2.2▲ 10.0%2.7▲ 22.7%2.6▼ 3.7%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €49k after €33k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €768k
Fixed assets
€177k ▼ 22.8%
Current assets
€591k ▲ 18.6%
Equity and liabilities €768k
Equity
€198k ▼ 26.4%
Debt
€570k ▲ 24.3%
Debt's share of the balance-sheet total rises from 63.1% to 74.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-342▼
2024 · €81k
Cash flow
€-23k▼
2024 · €56k
Current ratio
1.06▼
2024 · 1.15
Quick ratio
0.93▼
2024 · 0.97
Debt to equity
2.88▲
2024 · 1.71
ROE
-35.8%▼
2024 · 3.2%
ROA
-9.2%▼
2024 · 1.2%
Interest coverage
-0.01▼
2024 · 3.18
Debt ≤ 1 year
€559k▲
2024 · €433k
Debt > 1 year
€11k▼
2024 · €26k
Income taxes
€0▼
2024 · €4k
Staff costs
€134k▼
2024 · €149k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €9k | €10k | €10k | €5k | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €90k | €89k | €119k | €149k | €134k | ▼ 10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39k | €39k | €45k | €47k | €48k | ▲ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €23k | €0 | - | - |
| Other operating charges640/8 | €4k | €4k | €5k | €5k | €5k | ▲ 2.9% |
| Non-recurring operating charges66A | €1k | - | €3k | €4k | €880 | ▼ 76.9% |
| Gross operating margin9900 | €171k | €264k | €264k | €238k | €140k | ▼ 41.5% |
| Operating profit (loss)9901 | €36k | €132k | €68k | €33k | €-49k | ▼ 245% |
| Financial income75/76B | €854 | €5k | €4k | €5k | €1k | ▼ 76.1% |
| Recurring financial income75 | €854 | €5k | €4k | €5k | €1k | ▼ 76.1% |
| Financial charges65/66B | €16k | €18k | €21k | €25k | €23k | ▼ 7.5% |
| Recurring financial charges65 | €16k | €18k | €21k | €25k | €23k | ▼ 7.5% |
| Profit (loss) for the period before taxes9903 | €21k | €118k | €51k | €13k | €-71k | ▼ 652% |
| Income taxes67/77 | €8k | €25k | €17k | €4k | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €12k | €93k | €34k | €9k | €-71k | ▼ 927% |
| Profit (loss) for the period to be appropriated9905 | €12k | €93k | €34k | €9k | €-71k | ▼ 927% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €632k | €964k | €781k | €728k | €768k | ▲ 5.6% |
| Fixed assets21/28 | €203k | €206k | €229k | €229k | €177k | ▼ 22.8% |
| Intangible fixed assets21 | €9k | €13k | €9k | €8k | €5k | ▼ 41.5% |
| Tangible fixed assets22/27 | €168k | €157k | €181k | €159k | €121k | ▼ 24.2% |
| Land and buildings22 | €36k | €31k | €25k | €20k | €18k | ▼ 9.7% |
| Plant, machinery and equipment23 | €23k | €24k | €24k | €31k | €26k | ▼ 15.4% |
| Furniture and vehicles24 | €109k | €102k | €99k | €83k | €59k | ▼ 29.5% |
| Leasing and similar rights25 | - | - | €32k | €25k | €18k | ▼ 28.7% |
| Financial fixed assets28 | €27k | €36k | €39k | €61k | €51k | ▼ 16.8% |
| Current assets29/58 | €429k | €758k | €552k | €499k | €591k | ▲ 18.6% |
| Amounts receivable after more than one year29 | €52k | €44k | €35k | €0 | - | - |
| Other amounts receivable291 | €52k | €44k | €35k | €0 | - | - |
| Stocks and contracts in progress3 | €91k | €94k | €85k | €77k | €74k | ▼ 3.9% |
| Stocks30/36 | €69k | €72k | €70k | €67k | €64k | ▼ 4.0% |
| Contracts in progress37 | €21k | €22k | €15k | €10k | €10k | ▼ 3.3% |
| Amounts receivable within one year40/41 | €170k | €422k | €234k | €209k | €421k | ▲ 101% |
| Trade receivables40 | €149k | €395k | €213k | €176k | €290k | ▲ 64.6% |
| Other amounts receivable41 | €21k | €27k | €21k | €33k | €131k | ▲ 296% |
| Cash at bank and in hand54/58 | €105k | €184k | €185k | €204k | €86k | ▼ 57.6% |
| Deferred charges and accrued income490/1 | €11k | €15k | €13k | €9k | €10k | ▲ 18.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €632k | €964k | €781k | €728k | €768k | ▲ 5.6% |
| Equity10/15 | €169k | €263k | €297k | €269k | €198k | ▼ 26.4% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €150k | €243k | €277k | €250k | €179k | ▼ 28.3% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | €20k | €20k | €20k | €20k | €20k | = |
| Distributable reserves133 | €128k | €221k | €257k | €230k | €160k | ▼ 30.7% |
| Profit (loss) carried forward14 | €1k | €1k | €1k | €0 | - | - |
| Amounts payable17/49 | €463k | €702k | €484k | €459k | €570k | ▲ 24.3% |
| Amounts payable after more than one year17 | €75k | €53k | €56k | €26k | €11k | ▼ 57.6% |
| Financial debts170/4 | €75k | €53k | €56k | €26k | €11k | ▼ 57.6% |
| Amounts payable within one year42/48 | €387k | €647k | €429k | €433k | €559k | ▲ 29.2% |
| Current portion of amounts payable after more than one year42 | €24k | €25k | €36k | €30k | €15k | ▼ 49.7% |
| Financial debts43 | €190k | €190k | €188k | €188k | €188k | = |
| Credit institutions430/8 | €190k | €190k | €188k | €188k | €188k | = |
| Trade debts44 | €173k | €425k | €203k | €215k | €351k | ▲ 62.8% |
| Suppliers440/4 | €173k | €425k | €203k | €215k | €351k | ▲ 62.8% |
| Taxes, remuneration and social security45 | - | €6k | €2k | €110 | €1k | ▲ 1,166% |
| Taxes450/3 | - | €6k | €2k | €110 | €1k | ▲ 1,166% |
| Other amounts payable47/48 | - | - | - | - | €5k | - |
| Accrued charges and deferred income492/3 | €850 | €2k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12k | €93k | €34k | €9k | €-71k | ▼ 927% |
| + Depreciation and write-downs630 | €39k | €39k | €45k | €47k | €48k | ▲ 2.2% |
| Operating cash flow (approximation) | €51k | €132k | €79k | €56k | €-23k | ▼ 141% |
| Investment in fixed assets (approximation) | - | €-42k | €-68k | €-47k | €4k | ▲ 108% |
| Change in cash | - | €79k | €669 | €19k | €-117k | ▼ 715% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €-71k
Net result drops to €-71k, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €93k ▲655%
Operating result €132k, net result €93k, both a record.
31-12
Financial
Equity above €200kEq €263k ▲54.9%
5 profitable years in a row build equity to €263k.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
12-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 73 days late
2019
31-12
Financial
Equity above €150kEq €155k ▲12.3%
2 profitable years in a row build equity to €155k.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 24 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ieper · 1 establishment unit since 1970
Ground area
731 m²
Building footprint
189 m²
Volume, LiDAR
1,194 m³
Parcel 33003A0820/00D009, Flanders · tallest building 10.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
B.S.D. BVBA
since 19702.003.643.876
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33003A0820/00D009 | Flanders | 731 m² | 1 · 189 m² | 10.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 446 EUR awarded · 446 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 320 EUR | 320 EUR |
| 2022 | 1 | 126 EUR | 126 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
2 categoriesB.S.D. BV38407
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,414. 5,859 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-01-1970
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.